LPL Financial LLC on Thursday announced the intent of its parent company, LPL Investment Holdings, to acquire Concord Capital Partners and certain of its subsidiaries. 

Concord is the parent company of Concord Wealth Management, a provider of technology and open architecture investment management solutions for trust groups of financial institutions. Based in Matawan, N.J., Concord has more than $10 billion in assets under administration.

LPL Financial, the nation's largest independent broker-dealer, claims to be the largest provider of third-party investment services to banks and credit unions. The acquisition will allow it to support both the brokerage and trust business lines of current and prospective financial institution partners.

"We are excited about the potential for this transaction, which will significantly expand the services and support we can offer the trust departments of our existing financial institution customers and create multiple new expansion opportunities for us in this space," says Dan Arnold, divisional president and managing director for LPL Financial Institution Services.

Financial terms of the transaction weren't disclosed.